Should I take student consolidated loans?
As a student you have the opportunity to take an student consolidated loan that pays you 2198, – next to your student loan. For many students it is about covering the fixed expenses as rent, food and bills – without the loan they cannot get the ends to meet.
I would do anything to not have debt now!
… says 23-year-old Kristine Plasen, who is a trainee student with a student job. Yet she can well understand the students who choose to take out a student loan . “They do it for a reason!” she says.
A student consolidated loan is a loan!
One must remember that an student consolidated loan is a loan, and as with all other loans, the money must be repaid! That being said, student consolidated loans are the cheapest loan available.
During your study period you pay 4% in interest – for comparison, the interest rate on a quick loan / constudent consolidatedmer loan is approx. 17-18%.
When you have finished studying and the money has to be repaid, the interest rate falls to the 1% + discount rate, which is the interest rate set by Denbers Bank – the discount rate has been set at 0.0% over the past three years.
Before you borrow
Find out if and why you should borrow money by checking your finances through Meers and using the personal and intelligent budget. Maybe you can get the ends to meet without getting debt!
But consider it just before you take out a loan, it is a good idea to consider with yourself why you choose to borrow the money.
Expert tips: Study time with or without student consolidated debt?
Perhaps the ends, as mentioned earlier, just cannot reach each other or if you want to sweeten life as a student. Of course, both reasons are legitimate, but remember that the money must be paid back! And what would you rather have the money gone for when they later disappear from your account as a refund?
You start paying your student consolidated loan back approx. one year after graduation. It must be paid back over a certain amount of time, depending on how much money you have borrowed.